CoinDCX promoters arrested by Thane police on criminal breach of trust charges

The promoters of CoinDCX were arrested on Saturday by the Thane Police on allegations of criminal breach of trust, officials said.

According to the police, co-founders Sumit Gupta and Neeraj Khandelwal were apprehended from Bengaluru and produced before a holiday court in Thane. The court remanded the duo to police custody until Monday.

The Thane police registered an FIR against six individuals, including Gupta and Khandelwal, for allegedly cheating a complainant of Rs 71.6 lakh under the pretext of cryptocurrency investment and franchise opportunities linked to CoinDCX. The complainant, an insurance advisor, alleged that he was lured between August 2025 and February 2026 with promises of high returns and regulatory approvals. The accused reportedly collected funds through cash and bank transfers but failed to deliver the promised franchise or returns and later became untraceable. Police have invoked provisions of the Bharatiya Nyaya Sanhita (BNS) and initiated an investigation.



In a statement posted on X, CoinDCX termed the FIR “false” and alleged that it was part of a conspiracy involving impersonators posing as the company’s founders and defrauding the public. The company said it has already issued a public notice warning users that fraudsters are targeting its brand.

“The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts which have no relation to CoinDCX,” the company said, rejecting the allegations.

The company added that it is fully cooperating with law enforcement authorities and remains committed to user education and awareness to safeguard its community against such threats.